Maniolas

MANILA, Philippines – Energy Secretary Alfonso Cusi has ordered to redirect the output of the government-owned Agus-Pulangi hydroelectric power plants (HEPP) to poor areas and Philippine Economic Zone Authority (PEZA) locations in Mindanao to provide affordable electricity to consumers as well as encourage investments in the region. During the Coal Business and Policy Forum yesterday, the Energy chief directed the Power Sector Assets and Liabilities Management Corp. (PSALM) to study the re-allocation of the output of the Agus-Pulangi hydropower plants. Part of the output—amounting to around 700 to 800 megawatts (MW)—would be distributed to poor regions in Mindanao while the rest would be directed to industries, he said. “I have written a letter to PSALM to study allocating the output of Agus-Pulangi to the poorest of the poor, that means to say the ARMM region and the Lanao area and Maguindanao, so that we can help in the development of the area,” Cusi said. “And the rest will be directed to PEZA so that we can encourage investments in Mindanao, so that we can compete against our neighbors for having cheaper electricity to offer to the manufacturing companies,” he said. The 982-MW Agus-Pulangi hydroelectric power plants is owned by PSALM, the agency tasked to manage state-owned power assets, and is operated by state-run National Power Corp. (Napocor). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is considered as the cheapest power source in Mindanao, with capacity being sold at around P2.70 per kilowatt-hour. Currently, 34 electric cooperatives are Read More …

MANILA, Philippines – Dragonair is increasing its Clark to Hong Kong flights to six times per week beginning next month. Clark International Airport Corp. (CIAC) said the plan to hike the weekly Clark to Hong Kong flights was discussed during the meeting of CIAC president Alexander Cauguiran and Dragonair country manager Rob Bradshaw. “We are increasing our frequencies this December from four to six times weekly as we are expecting an increase in traffic at Clark Airport, and we are very much excited on the developments (in relation to the Clark International Airport),” Bradshaw said. The government is positioning Clark as an alternative to the congested Ninoy Aquino International Airport. To promote Clark International Airport, President Duterte has earlier announced programs such as expansion and putting in place support infrastructure, construction of a railway system to link Clark to Manila, as well as the development of a second passenger terminal which should start by the middle of next year. Cauguiran said CIAC would continue to support the carrier’s operations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Following the increase in weekly flights, Bradshaw said Dragonair intends to add more flights serving Clark International Airport. The plan to add more flights is being considered as part of Dragonair’s rebranding to Cathay Dragon in the coming weeks. “We hope this new brand will bolster demand especially for Clark Airport,” Bradshaw said. Dragonair started operations in the Clark Airport in November 2008. A subsidiary of Hong Kong’s Cathay Pacific, Dragonair operates Read More …

“All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated Nov. 7 stated. File photo MANILA, Philippines – There will be no let-up on the Bureau of Internal Revenue’s audits this holiday season as it aims to reverse a revenue slowdown toward maximum revenue collection by the end of the year. “All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated Nov. 7 stated. “It is reminded that all efforts should be directed to ensure maximum revenue collection throughout the year,” it said. In previous years, BIR stops audits from Dec. 15 until Jan. 1 of the following year. Eleanor Roque, a director of industry group Tax Management Association of the Philippines, said halting audits during Christmas season before was meant to avoid “tax examiners asking gifts.” “But I guess now, given the promises and the declarations of the new administration, taxpayers are assured that will not happen or if it does, they have ways to report it,” she said in a phone interview. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BIR, which accounts for around 80 percent of state revenues, had fluctuating performance since the Duterte administration took over in June 30. It increased revenues by one percent in July, a seven-month low, before recovering to a 10-percent uptick the following month. In September, it slowed again to one percent. It brought the Read More …

MANILA, Philippines – The Department of Tourism (DOT) plans to forge tie-ups with the Department of Trade and Industry (DTI) for the promotion of tourism products and the Department of Labor and Employment (DOLE) for the capacity building of non-English speaking tour guides. Tourism Undersecretary for regulation, coordination and resource generation Alma Jimenez said this was part of the various convergence initiatives being considered by national agencies under the new administration. “One of the convergence programs which will surface soon, is the signing of an agreement between the DTI and the DOT for the mutual promotion of tourism products,” Jimenez said.  “Tourism will be considered a product of the DTI, the same way we consider the products being espoused by the DTI,” she added. Under the partnership, the DOT will showcase the various products of the Philippines in their showrooms, while the DTI will promote Philippine destinations and tour packages. Jimenez said the DOT was also considering taking part in the reintegration program of DOLE for returning overseas Filipino workers to convert them into tour guides once back in the Philippines. Instead of training tour guides in various languages, such as Chinese and Japanese, the official said the DOT would hire returning OFWs and capacitate them as tour guides. “It’s harder for us (DOT) to teach language training. Incidentally, I removed the language training in the industry and manpower development (of DOT) because what I wanted was our returning OFWs, who already have conversational ability to speak languages of their Read More …

British banking giant HSBC expects the peso to  breach the 50 to $1 level early next year due to the shocking victory of Republican Donald Trump as well as the notable shift in government policy under the Duterte administration. File photo MANILA, Philippines – The peso tumbled to a near eight-year low against the dollar yesterday, closing at 49.35 from Tuesday’s close of  49.17 to $1 as the dollar continued to strengthen against major currencies. Yesterday’s close was the lowest since it settled at  49.37 to $1 on Dec. 4, 2008 due to the global financial crisis. Trading volume increased to $666.5 million from Tuesday’s $600.9 million. British banking giant HSBC expects the peso to  breach the 50 to $1 level early next year due to the shocking victory of Republican Donald Trump as well as the notable shift in government policy under the Duterte administration. In a report, HSBC said the peso is expected to settle at  49.40 to $1 this year and  at 50.70 to $1  in 2017. HSBC said the election of President Duterte in May has led to a notable shift in government policy and fortunes for the peso. The bank pointed out Duterte was elected on his proposals of large-scale infrastructure spending, economic reforms and reduction of crime. Initially, HSBC said the political change could be positive for the peso with reforms paving the way for foreign direct investment inflows. However, the foreign bank said it underestimated the administration’s change in foreign policy after President Read More …